If you’re a homeowner in Ontario, your property may hold the key to funding renovations, paying off debt, or covering urgent expenses. A home equity loan allows you to access that value without selling your home, and qualifying may be easier than you think.
What Is a Home Equity Loan?
A home equity loan is a type of financing secured against your home’s value. You receive a lump sum that you repay in fixed monthly installments.
Example:
- Home value: $750,000
- Remaining mortgage: $400,000
- Available equity: $350,000
You could borrow up to 80–85% of your home’s value, minus your current mortgage balance.
Who Qualifies for a Home Equity Loan in Ontario?
While banks have strict rules, many alternative lenders focus on your equity and repayment ability rather than just your credit score. You may qualify if you:
- Have at least 15–20% equity in your home
- Can show proof of income (even if self-employed)
- Own a property in a marketable Ontario location
- Have a repayment plan in place
Common Uses for a Home Equity Loan
- Debt Consolidation – Combine multiple debts into one lower monthly payment
- Home Renovations – Upgrade your property and boost its value
- Business Funding – Access capital for expansion or startup costs
- Tax Arrears or Legal Issues – Clear urgent debts to avoid penalties
- Education Costs – Pay tuition or training expenses
How to Apply for a Home Equity Loan in Ontario
- Review Your Finances – Determine how much you need and your ability to repay
- Contact a Mortgage Broker – Access lenders beyond the banks
- Get a Home Appraisal – Establish your property’s market value
- Submit Your Application – Include income proof, ID, and property documents
- Close and Access Funds – Many approvals happen in as little as 48 hours
Real Ontario Success Story
Karen from Mississauga needed $80,000 for renovations and to consolidate debt. Her bank said no due to a low credit score. Burke Financial secured a home equity loan within 3 days, lowering her monthly payments by $900 and increasing her home’s value.
Why Work With a Mortgage Broker
Mortgage brokers can connect you to alternative lenders who offer flexible terms, fast approvals, and competitive rates, without the red tape of traditional banks.
Final Tip: If you own a home in Ontario, your equity can be a powerful tool to reach your financial goals, if you know how to access it.
Want to unlock your home’s equity in Ontario? Let’s get you approved fast.
📞 1-866-702-9394
🌐 www.burkefinancial.ca